The bond sell-off arrives at a moment of heightened volatility in Treasury markets. Long-term bond yields soared last month in the immediate aftermath of Trump's "Liberation Day"

Longer-dated U.S. bond yields crept back above 5% early Wednesday, as part of a broader global bond selloff. Thirty-year yields had surged Monday on concerns about the U.S. fiscal outlook, only to pull back.

Financial markets are once again focused on Washington, D.C., but taxes, not tariffs, are driving recent price action.